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There has been a slight rise in the number of people who say they have lost track of their different pension savings, a recent survey has found.
According to the research by Aegon, 64% of those questioned have multiple pensions, which is a rise of 2% since the last survey. Within this group, the number who have lost track of one or all of their pensions has increased slightly from 21% to 22%. This means that more than 7 million people may have misplaced some of their retirement savings.
The findings highlight the challenge of a broader trend towards a career involving an average of 11 jobs and the difficulty of keeping tabs on workplace savings, says Aegon.
“It’s very hard to plan for retirement without a full view of your savings and an understanding of what your state pension entitlement is likely to be,” said Kate Smith, Head of Pensions at Aegon.
“So it’s concerning that the number of people who have lost track of their pensions has increased slightly,” she added. “Without the bigger picture people might be setting themselves up for a retirement fall without a clear idea of what their savings are worth. Nowadays the vast majority of jobs come with a pension and as people frequently change jobs it’s all too easy to lose track of your pensions, especially if they are small.”
One option to prevent losing track of different pension pots is to combine them with one pension provider. Pension consolidation can offer a number of benefits, but anyone considering this should always take professional advice on the matter.
If you need advice or assistance consolidating pension products, the team here at Prosperity Financial can help. To discuss consolidating your pension with a member of our experienced team, call us today on 0141 280 6240 or complete our online enquiry form and a member of team will get right back to you.
